i also don’t really get “foreclosed” i’m guessing it means they’ve missed mortgage payments?
Edit: thanks everyone, lots of good info here!
In: 4
Someone buys a house and misses payments. Eventually the bank decides they’ve missed too many payments and starts the legal process to take ownership of the house and kick them out. Once the dust settles on that, the bank owns the house and hires a realtor to sell it, and other people can buy the house.
It’s often a cheap way to get a house, because the people getting kicked out are often mad at the bank, and damage the house on the way out.
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